Govt committed to support local industry: Finance Minister

Islamabad: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb here on Thursday reiterated the government’s commitment to support the local industry.

During a meeting with representatives from Pakistan Association of Large Steel Producers (PALSP), Pakistan Steel Melters Association (PSMA), Pakistan Steel Re-Rolling Mills Association (PSRMA) and Pakistan Steel Pipelines Association (PSPA), the minister highlighted the initiative of Federal Board of Revenue’s (FBR) in expanding the tax net by bringing under-taxed sectors into the tax net.

The Minister further emphasized the need for collaborative efforts between the government and the private sector to address the challenges faced by steel industry, according to a statement issued by finance ministry.

Chairman FBR, who was also present in the meeting, assured the delegation of continued support and favorable actions from the government. Earlier, the delegation members expressed gratitude to the Finance Minister for providing them with the platform to express their concerns.

They presented an overview of the steel industry’s performance, alongside potential strategies to enhance its growth.

Emphasizing the importance of fostering a conducive environment for industry expansion, they proposed adjustments to tax and custom duties. Furthermore, the delegation advocated for encouragement to organized steel sector and stressed the necessity of integrating all producers and sellers into the tax net.